Wednesday, July 31 2019 15:02
Karine Melikyan

The total net profit of Armenia`s IC in the first half of 2019 jumped  by 71% per annum

The total net profit of Armenia`s IC in the first half of 2019 jumped  by 71% per annum

ArmInfo.In the first half of 2019, the total net profit of insurance companies of Armenia increased by 71% per annum (against a decline of 65.1% a year  earlier), reaching 757.8 million drams or $ 1.6 million. According to  the Financial Rating of insurance companies of Armenia prepared by IC  ArmInfo, due to higher growth rates of insurance premiums (18.7%),  rather than refunds (16.5%), against almost the same high growth and  premiums and refunds a year earlier - 30.6% and 30.1% respectively.  Only for the II quarter of 2019, the net profit of insurers increased  4 times, against the background of a significant decline in premiums  with a meager increase in refunds.

Moreover, in quarterly terms, two companies managed to get out of a  loss for a serious profit (an increase of 2.1-5.5 times), two  companies significantly increased profits (2.2-5.6 times), and the  other two companies reduced profits (48-58%). On an annualized basis  (I half of 2019 to I half of 2018), two insurance companies  experienced a decline in profits, and one of them with a loss, but a  significant increase in profits of the other four insurance companies  allowed the overall indicator to turn to a significant growth.  The  first position in terms of net profit for the first half of 2019 was  taken by IC "Nairi Insurance" - 399.5 million drams (annual growth  3.2 times). INGO Armenia IC ranks second with a net profit of 209.5  million drams (annual growth of 53.4%). TOP-3 closes "Armenia  Insurance" IC with a profit of 115.7 million drams (annual decline of  20.7%). Then, "RESO" insurance company - 113.3 million drams (annual  growth by 6.2 times) and "Sil Insurance" - 29.4 million drams (annual  growth by 2.2 times), both of which provided a way out of the profit  loss. And the list is closed by the insurance company "Rosgosstrakh  Armenia", which, following the results of the first half of this  year. A loss of 109.6 million drams was recorded, with an annual  decline of 2.6 times (a turn from profit to a negative indicator).

The total amount of insurance premiums for the first half of 2019,  according to the reporting of the insurance company according to the  standards of the Central Bank, exceeded 26 billion drams (over $ 55  million), and insurance compensations - 12 billion drams (almost $ 25  million). In annual terms, insurance premiums increased by 19.7%,  with an increase in compensation by 9.8%. As a result, the cumulative  income from the insurance line increased annually by 21% (against a  growth of 31% a year earlier), reaching 14 billion drams (over $ 28  million). The first three positions in insurance revenue in the first  half of 2019 were held by INGO Armenia - 4.8 billion drams (annual  growth by 73%), IC Rosgosstrakh Armenia - 3.5 billion drams (annual  growth by 4%) and Nairi Insurance "- 1.6 billion drams (annual  decline of 32.8%). The largest annual growth in insurance line  profits was provided by INGO Armenia, whose premium growth  significantly prevailed over the growth of indemnities. And the only  loss of profit on the insurance line was recorded at IC "Nairi  Insurance" because of the decline in premiums with a meager increase  in refunds.

Recall that in the insurance market of Armenia there are 6 companies  operating from the existing 20 classes of 17, with the exception of  railway transport insurance / liability from use and insurance of  legal and extrajudicial expenses. Moreover, from 2019 in the  financial reports on the portfolio of all 6 insurance companies at  the request of the Central Bank of Armenia was added a line of  seismic risk insurance (against earthquakes), the data on which,  although separately stated, are not included in the results, since  they are already included in the relevant insurance classes. By the  largest number of classes, INGO Armenia ICs are licensed - 16 (the  only one working on the water transport insurance class) and  Rosgosstrakh Armenia IC - 15, followed by Nairi Insurance IC and  Armenia Insurance IC - in 12 classes, SK RESO and Insurance Company  Sil Insurance - 11 classes each. (Settlement rate dram to dollar on  06/30/19 is 477.11 others / $ 1). 

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